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| Camden Property Trust Announces Stock Buyback Program |
HOUSTON, March 2 /PRNewswire/ -- Camden Property Trust (NYSE: CPT) today announced that its Board of Trust Managers has approved the buyback of an additional $50 million of Camden's common shares through open market purchases and private transactions. The Company expects to purchase the shares over the next six months. The initial $50 million buyback announced in September 1998 was completed in February 1999. Ric Campo, Camden's chairman, stated, "Our stock price continues to trade at a substantial discount to net asset value. We believe that our strong financial condition, coupled with solid real estate values and a depressed share price, creates a unique opportunity. We recently completed the sale of $100 million 8.5% Series B Cumulative Redeemable Perpetual Preferred Units, giving Camden ample resources to make additional investments in our own shares." Camden Property Trust is a real estate company engaged in the ownership, development, acquisition, marketing, management, and disposition of multifamily apartment communities. Camden owns interests in and operates 149 properties containing 51,310 apartment homes in the Sunbelt and Midwestern markets from Florida to California. Upon completion of 14 properties under development, the Company's portfolio will increase to 56,968 apartment homes in 163 properties. Camden operates as a real estate investment trust (REIT). This press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain credit risks and uncertainties, which are difficult to predict. For more information, please contact Richard J. Campo or D. Keith Oden at 1-800-9Camden, or 713-354-2500, or access our web site at http://www.camdenprop.com.SOURCE Camden Property Trust
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CONTACT:
Richard J. Campo or D. Keith Oden, both of
Camden Property Trust, 1-800-9Camden, or 713-354-2500
